Estate Planning

On Behalf of Marcus, Gould & Sussman, LLP | Oct 20, 2023 | Estate Planning | A will is a legal document that instructs a testator’s last wishes. Testators include the names of their beneficiaries, amount or percentages of their assets for distribution and appoint executors in their wills. When the testator passes away, the executor is responsible for submitting the will to probate court, paying debts, contacting heirs and distributing assets. While the process may seem straightforward, it’s often very complicated. The probate process can take several months to over a year.

On Behalf of Marcus, Gould & Sussman, LLP | Oct 11, 2023 | Estate Planning | Your executor plays an integral part in your estate plan, as they will carry out all the wishes you lay down. But your chosen party may not assume their duties – you may need to choose another person later. When should you change your executor? Your executor plays an integral part in your estate plan, as they will carry out all the wishes you lay down.

On Behalf of Marcus, Gould & Sussman, LLP | Sep 19, 2023 | Estate Planning | Disagreements and conflicts between family members aren’t uncommon. However, it can make it harder to decide who should get your New York home or who should serve as the executor of your estate.

On Behalf of Marcus, Gould & Sussman, LLP | Sep 6, 2023 | Estate Planning | When was the last time you looked at your estate plans? It’s likely been some time. Estate planning is a lifelong process, so there are times when you really do need to revisit your estate plans and make some changes. One of the most common reasons people update their estate plans is because it’s been a while since the last time they did. Over time, you’ll build up your estate, so you need to update your plans to reflect those changes.

On Behalf of Marcus, Gould & Sussman, LLP | Aug 11, 2023 | Estate Planning | After you write your will, there may come a time when you might change your mind about some of its provisions and instructions. Instead of scrapping your will and writing a new one from scratch to make few minor changes, using a codicil to a will might be more practical. What is a codicil to a will? A codicil is a legal document that allows you to change your will without rewriting the entire document. You may use it to remove parts of the will or add additional provisions.

On Behalf of Marcus, Gould & Sussman, LLP | Jul 21, 2023 | Estate Planning | In New York, launching a startup can provide endless possibilities for an entrepreneur, but it comes with the risk of potentially unforeseen setbacks and complications. Planning for all possible contingencies may feel pessimistic; however, it lays a secure foundation for securing the startup’s future.

On Behalf of Marcus, Gould & Sussman, LLP | Jun 21, 2023 | Estate Planning | The estate planning process for individuals in New York with a significant net worth can be challenging. Several elements need to be considered, including tax liabilities and matters that impact the family. Setting priorities Setting priorities is a crucial aspect of estate planning for high-net-worth individuals. Many individuals prioritize preserving their wealth for future generations and minimizing estate taxes. Others prioritize avoiding probate and selecting a highly qualified trustee.

On Behalf of Marcus, Gould & Sussman, LLP | May 25, 2023 | Estate Planning | In New York, choosing an attorney-in-fact (now referred to as an “agent” under New York law) is an important decision because your agent acts on your behalf when it comes to your personal finances and legal matters if something happens to you or if you authorize the agent to act on your behalf even if you are perfectly well. The agent is the person who is named in your power of attorney documents.

On Behalf of Marcus, Gould & Sussman, LLP | Apr 7, 2023 | Estate Planning | During the probate process in a New York courtroom, the judge will have to approve the executor who serves as the personal representative of the estate. Typically, the testator names an executor in their will. The executor must carry out several tasks on behalf of the estate. An executor’s duties Two primary duties an executor performs involve paying the estate’s debts and distributing assets to the beneficiaries. Commonly, the executor must pay debts from the estate’s accounts before doing the latter task.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 7, 2023 | Estate Planning | Many New York residents include durable powers of attorney in their estate plans to ensure that important medical and financial decisions will be made by a trusted and responsible individual if they become incapacitated or otherwise need help.